THE DEAL SHEET
Lease Transactions
Swift Electrical Supply signed a 51k-SF office renewal at 100 Hollister Rd. in Teterboro, NJ. NAI James E. Hanson’s Scott Perkins and Andrew Somple represented the tenant, while Steve Pron represented owner KTR Capital Partners in-house.
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810 Seventh Ave saw two deals totaling 25.8k SF: Comverse Technology’s 10-year, 17.3k-SF lease (tenant brokers: Newmark Knight Frank’s Paul Ippolito, Michael Ippolito, and Michael Morris); and Nigro Karlin Segal & Feldstein’s five-year, 8.5k-SF lease (tenant brokers: PBS Realty Advisors’ John Brod and Howard Hersh). Newmark’s David Falk, Peter Schminkin, and Danny Levine and SL Green’s Larry Swiger and Christopher Gulden represented owner SL Green in both deals.
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The Urology Group of New Jersey inked a 12-year, 13.8k-SF lease at Mt. Pleasant Medical, 375 Mt. Pleasant Ave. in West Orange. The tenant is scheduled to occupy the space in November. Studley’s John Feeney represented the tenant, while FirstService Williams’Frank Gunsberg represented the owner, a JV between Hampshire Real Estate Cos. and Paragon Realty Group.
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276 Fifth Avenue saw five transactions totaling 13.1k-SF: Buzznet’s 4.5k-SF lease (tenant broker: Studley’s Michael Mathias); Land Mass’s 3.5k-SF lease (tenant broker: Bergson Strategies’ Alan Eagle): Sangetsu’s 1.7k-SF renewal (tenant broker: Studley’s Dan Kaplan); Harold Matson’s 1.4k-SF renewal; and Search with Imagination’s five-year, 2k-SF renewal. Winoker Realty’s Elliot Klein represented owner 276 Managers in all five deals, as well as the latter two tenants.
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EastWest Institute inked an eight-year, 10.4k-SF lease at 11 E. 26th St. FirstService Williams’ Greg Wang and Richard Plehn represented the tenant, while Adams & Co.’s James Buslik and Jeffrey Schwartz represented the owner. Although lease terms were not disclosed, the asking price was $42 PSF.
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Crawford & Co. signed a new 10.4k-SF lease at 55 Broadway. Murray Hill Properties’ Randy Sherman and Alicia Popper represented the tenant, while Daniel Blanco, David Israni and Ramona Huegel represented owner Broad Street Development in-house.
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Printmaker International inked a 7k-SF lease at 470 Seventh Ave. The firm plans to relocate its operations from 469 Seventh Ave. by September. Savitt Partners’ Marc Schoen and Brian Neugeboren represented the tenant, while Steve n Kaufman and Barbara Raskob represented owner The Kaufman Org. in-house.
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Paige Gamble Atelier signed a mini-lease for a 1k-SF pop-up store at 40A Jobs Ln. in Southampton, which opened up over the weekend. Murray Hill Properties’ Adam Jon “AJ” Camhi represented the tenant.
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Via Veneto signed a 525-SF lease at 249 Bleecker St. Prudential Douglas Elliman’s Mandy Cantor represented the tenant, while Avian Village Realty’s Velvet Abashian represented the owner.
Financing
CB Richard Ellis’ Capital Markets Debt & Equity group refinanced a $19M mortgage loan secured by a first lien on a 197k-SF office/warehouse at 40 Hartz Way in Secaucus, NJ. The group’s James Gunning and Donna Falzarano secured the financing for borrower Hartz Mountain Associates; a New England-based commercial bank funded the 5-year fixed-rate loan.
Construction & Development
Sherwood Equities completed a $24M capital improvement program at the 27-story, 307k-SF 370 Lexington Ave. The building is jointly owned with institutional investors advised by JPMorgan Asset Management. Improvements included new HVAC and sprinkler infrastructures, a modernized lobby, an upgraded conference center, and renovated restrooms and hallways.
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The NYC Industrial Development Agency approved a sales and real estate tax incentive package to help Boundary Fence & Railing Systems to expand its operations at 131-02 Jamaica Ave. in Richmond Hill, Queens. The $4M investment will result in a return of $7.5M to the city over 25 years. The property was leased from the NYC Economic Development Corp. for 25 years; it plans to purchase the 47.5k-SF property it currently leases, renovate an existing 23k-SF industrial building, and construct a 2k warehouse facility on site.
ALSO AROUND NEW YORK...
Executive Moves
Gregory Postyn joined Massey Knakal’s Manhattan Offices as an associate to chairman Bob Knakal. Previously, he was an intern at Walter & Samuels, Omnibus Management/Mall Center, and Zurich Financial Services. He is a graduate of the University of Michigan.
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Jonathan Fischer joined Greiner-Maltz as managing director of the firm’s NJ office. He was previously with Weiss Realty, and held positions at Deloitte & Touche, Prudential Financial, Peraconand his own Fischer Appraisal Associates. He is a Wharton grad.
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Real estate attorneys Anthony Portera and Todd Lamb joined Hiscock & Barclay’s New York office. They were most recently members at Cozen O’Connor, and also worked together at Fischbein Badillo Wagner Harding. Anthony represents clients in the acquisition, disposition, financing, leasing, and development of a broad range of real property; Todd specializes in real estate litigation and landlord-tenant disputes.
